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Tonga to receive $1.27 million insurance payout for damage from Cyclone Ian

January 27, 2014 - 6:06am

Tonga will receive an insurance payout of $1.27 million for the damage caused by Cyclone Ian, the World Bank said.

This is the first payout under the Pacific Catastrophe Risk Insurance Pilot, reported.

Franz Dree-Gross, World Bank's country director for the Pacific, explained the procedure, saying that the World Bank "purchases disaster risk insurance with private risk insurers" on behalf of Pacific island nations and uses a computer model to get an estimate of damages, "without having to do a detailed loss assessment."

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